Flash PMI’s in The Spotlight Today
- European indices open slightly lower
- Flash PMIs from Europe and the United States
- Earnings from Procter & Gamble and Schlumberger
European stock market indices launched today’s cash trading session slightly lower. This comes after a downbeat trading on Wall Street yesterday and a bearish Asian session earlier today. USD caught a bid in the morning – EURUSD dropped back below 1.0950 mark while GBPUSD is testing 1.2400 area. USD strengthening is putting pressure on commodity prices, leading to a drop in oil as well as on the precious metals market.
Economic calendar for the day ahead is dominated by flash PMI releases for April. French and German readings at 8:15 am BST and 8:30 am BST, respectively, will be the most closely watched releases in Europe. Market expects slightly improvement in manufacturing sector as well as slight deterioration in the services sector. Nevertheless, manufacturing is expected to remain in contraction territory while services are expected to remain in expansion territory. Apart from PMIs, traders will also be offered retail sales data from Canada, speeches from ECB and Fed members as well as earnings reports from Procter & Gamble and Schlumberger.
8:15 am BST – France, flash PMIs for April.
- Manufacturing. Expected: 47.9. Previous: 47.3
- Services. Expected: 53.5. Previous: 53.9
8:30 am BST – Germany, flash PMIs for April.
- Manufacturing. Expected: 45.6. Previous: 44.7
- Services. Expected: 53.3. Previous: 53.7
9:00 am BST – Euro area, flash PMIs for April.
- Manufacturing. Expected: 48.0. Previous: 47.3
- Services. Expected: 54.5. Previous: 55.0
9:00 am BST – Poland, jobs report for March.
- Employment change. Expected: 0.6% YoY. Previous: 0.8% YoY
- Wage growth. Expected: 12.5% YoY. Previous: 13.6% YoY
9:30 am BST – UK, flash PMIs for April.
- Manufacturing. Expected: 48.4. Previous: 47.9
- Services. Expected: 53.0. Previous: 52.9
1:30 pm BST – Canada, retail sales for February.
- Headline. Expected: -0.5% MoM. Previous: +1.4% MoM
- Ex-autos. Expected: 0.0% MoM. Previous: +0.9% MoM
2:45 pm BST – US, flash PMIs for April.
- Manufacturing. Expected: 49.0. Previous: 49.2
- Services. Expected: 51.5. Previous: 52.6
Central bankers’ speeches
- 9:00 am BST – ECB Guindos & Vujcic
- 3:30 pm BST – ECB Elderson
- 6:45 pm BST – ECB Guindos
- 9:35 pm BST – Fed Cook
Top Wall Street earnings reports
- Procter & Gamble (PG.US) – before market open
- Schlumberger (SLB.US) – before market open